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Friday, April 17, 2009

Stiglitz calls PPIP "corporate welfarism"

Joe Stiglitz and Mike Spence, both 2001 Nobel laureates in economics, discuss PPIP on Bloomberg On the Economy. Joe calls the current system "Corporate Welfarism", in which gains of extreme risk-taking go to the Wall Street while losses are borne by tax payers. The audio runs about 30 minutes.

Previous discussions on the issue can be found here and here.